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Streamlining Efficient Budget Management with Purchase Order Processing (POP)

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ciara-rojas
10 diapositives · 283 Views · Nov 27, 2014

Purchase Order Processing (POP) is a vital ordering system that allows users to directly enter orders, eliminating the reliance on traditional order books. Integrated within the Main Financial Accounting System, POP ensures effective budget management by enabling precise coding and pricing upon order entry. It facilitates immediate payment processing through direct invoicing to Accounts Payable, paving the way for a paperless office. Ideal for schools, colleges, and research institutions, POP enhances financial oversight and maintains residual budget checks, significantly reducing overspending risks.

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Streamlining Efficient Budget Management with Purchase Order Processing (POP)
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  1. P O P Purchase Order Processing

  2. Contents • What is POP • Where does POP fit in • Why do we need POP • Who should use POP • How is it implemented • Contacts • Reporting • Questions

  3. What is POP • POP stands for Purchase Order Processing • It is an ordering system whereby users can enter orders directly on the system • It eliminates the use of order books • Orders remain on the system indefinitely

  4. Where does POP fit in • POP is a module in the Main Financial Accounting System • When orders are entered on the system the Coding and Pricing is also entered • Orders are receipted on the system • Invoices go directly to Accounts Payable for immediate payment • This is one small step towards the paperless office

  5. Why do we need POP • POP eliminates the use of Coding Slips • Full commitment accounting is available • Residual Budget checking is invoked • Budgets can be managed effectively • Overspends should become a thing of the past.

  6. Who should use POP • Schools and Colleges and Researchers who are responsible for Budgets in their respective areas • An administrator with responsibility for financial matters in a School or College • Preferably a team of people who can share the responsibility

  7. How is it Implemented • College Principal or Head of School should approach the Finance office for initial introduction and preparation • A team of users should be selected for the ordering and financial management in each area • Details of access rights to be defined • Equipment Audit of IT in the Office where the system is to be implemented • Arrangements made for Group Training • One to one training available if required

  8. Contacts • Set Up Users and Rights • Siobhan.dunne@ucd.ie • EILEEN.PENSTON@UCD.IE • NIAMH.HAGAN@UCD.IE • One to One Help • EMMA.ACTON@UCD.IE

  9. Reporting • Business Objects is the reporting tool used to extract financial information from the system • Reports are available which give detailed transactions for the College/School accounts at Cost Centre level and the research funds • Summary reports showing total spend/Accruals/Commitments – compared against budget to show how much is left in a budget • Listing of all orders on the system which make up the Accruals and Commitments • These reports are available at cost centre level for each school • Separate reports are available for Colleges and Schools • It is envisaged that individual Colleges,Schools and Research administrators will be able to run their own reports rather that waiting until the Central Finance office distributes them. • These will be rolled out on a phased basis from May’2006

  10. Questions